diff --git a/composer/_version.py b/composer/_version.py
index b913896bf6..b9d739632f 100644
--- a/composer/_version.py
+++ b/composer/_version.py
@@ -3,4 +3,4 @@
 
 """The Composer Version."""
 
-__version__ = '0.16.2'
+__version__ = '0.16.3'
diff --git a/docker/README.md b/docker/README.md
index d3e432a3e1..e7732720f0 100644
--- a/docker/README.md
+++ b/docker/README.md
@@ -15,8 +15,8 @@ all dependencies for both NLP and Vision models. They are built on top of the
 <!-- BEGIN_COMPOSER_BUILD_MATRIX -->
 | Composer Version   | CUDA Support   | Docker Tag                                                     |
 |--------------------|----------------|----------------------------------------------------------------|
-| 0.16.2             | Yes            | `mosaicml/composer:latest`, `mosaicml/composer:0.16.2`         |
-| 0.16.2             | No             | `mosaicml/composer:latest_cpu`, `mosaicml/composer:0.16.2_cpu` |
+| 0.16.3             | Yes            | `mosaicml/composer:latest`, `mosaicml/composer:0.16.3`         |
+| 0.16.3             | No             | `mosaicml/composer:latest_cpu`, `mosaicml/composer:0.16.3_cpu` |
 <!-- END_COMPOSER_BUILD_MATRIX -->
 
 **Note**: For a lightweight installation, we recommended using a [MosaicML PyTorch Image](#pytorch-images) and manually
diff --git a/docker/build_matrix.yaml b/docker/build_matrix.yaml
index 8a02ca6c24..16195d6011 100644
--- a/docker/build_matrix.yaml
+++ b/docker/build_matrix.yaml
@@ -160,32 +160,32 @@
   TORCHVISION_VERSION: 0.16.0
 - AWS_OFI_NCCL_VERSION: ''
   BASE_IMAGE: nvidia/cuda:11.7.1-cudnn8-devel-ubuntu20.04
-  COMPOSER_INSTALL_COMMAND: mosaicml[all]==0.16.2
+  COMPOSER_INSTALL_COMMAND: mosaicml[all]==0.16.3
   CUDA_VERSION: 11.7.1
-  IMAGE_NAME: composer-0-16-2
+  IMAGE_NAME: composer-0-16-3
   MOFED_VERSION: 5.5-1.0.3.2
   PYTHON_VERSION: '3.10'
   PYTORCH_NIGHTLY_URL: ''
   PYTORCH_NIGHTLY_VERSION: ''
   PYTORCH_VERSION: 1.13.1
   TAGS:
-  - mosaicml/composer:0.16.2
+  - mosaicml/composer:0.16.3
   - mosaicml/composer:latest
   TARGET: composer_stage
   TORCHTEXT_VERSION: 0.14.1
   TORCHVISION_VERSION: 0.14.1
 - AWS_OFI_NCCL_VERSION: ''
   BASE_IMAGE: ubuntu:20.04
-  COMPOSER_INSTALL_COMMAND: mosaicml[all]==0.16.2
+  COMPOSER_INSTALL_COMMAND: mosaicml[all]==0.16.3
   CUDA_VERSION: ''
-  IMAGE_NAME: composer-0-16-2-cpu
+  IMAGE_NAME: composer-0-16-3-cpu
   MOFED_VERSION: 5.5-1.0.3.2
   PYTHON_VERSION: '3.10'
   PYTORCH_NIGHTLY_URL: ''
   PYTORCH_NIGHTLY_VERSION: ''
   PYTORCH_VERSION: 1.13.1
   TAGS:
-  - mosaicml/composer:0.16.2_cpu
+  - mosaicml/composer:0.16.3_cpu
   - mosaicml/composer:latest_cpu
   TARGET: composer_stage
   TORCHTEXT_VERSION: 0.14.1
diff --git a/docker/generate_build_matrix.py b/docker/generate_build_matrix.py
index d2622b8994..bd160c08e9 100644
--- a/docker/generate_build_matrix.py
+++ b/docker/generate_build_matrix.py
@@ -218,7 +218,7 @@ def _main():
     composer_entries = []
 
     # The `GIT_COMMIT` is a placeholder and Jenkins will substitute it with the actual git commit for the `composer_staging` images
-    composer_versions = ['0.16.2']  # Only build images for the latest composer version
+    composer_versions = ['0.16.3']  # Only build images for the latest composer version
     composer_python_versions = [LATEST_PYTHON_VERSION]  # just build composer against the latest
 
     for product in itertools.product(composer_python_versions, composer_versions, cuda_options):